$ETH Regulatory Coordination Accelerates: ** Global major economies (U.S. SEC actions, EU MiCA coming into effect, Asia policy exploration) are accelerating attempts at regulatory coordination, seeking a unified framework to combat regulatory arbitrage.

* ** Market Short-Term Pressure: ** Policy uncertainty has led to increased market volatility, rising compliance costs may squeeze the survival space for small and medium-sized institutions, and investor risk appetite is suppressed.

* ** Long-Term Compliance Development: ** Clear rules will attract traditional capital to enter on a larger scale and more compliantly, promoting the industry's transformation from 'barbaric growth' to transparency, institutionalization, and a focus on substantive applications (such as RWA). The key lies in balancing innovation and protection.